Company Limited Management’s Discussion and Analysis (MD&A) Page 5 of 14 Same store rental revenue growth stood at 4.2% YoY In 2Q19, same store rental revenue growth stood at 4.2% YoY, despite intense

revenues from the manufacturing business accounted for only 4.4 - 9.6 percent of the total revenues as a result of a more intense competition, particularly a more variety of imported products with relatively

, despite intense competition in certain areas, such as Nakhon Ratchasima. Overall the Company continues to achieve the targeted rental rate growth for the rest of the shopping malls. The same store rental

as freight costs and sales commissions, decreased in line with lower sales. Administrative expense decreased mainly because of an adjustment of staff costs to be in line with the company’s operating

amounting to Baht 75 million and increased by Baht 11 million YoY or 17% due to the increase in sale volume partly offset by reduction in freight cost due to reduction in fuel prices. 4. Administrative

since lower freight cost due to lower export volume comparing to 2Q2019. The consolidated SG&A expenses in 2Q2020 were 9. 89% of revenue from sales, increased from 7.62% in 2Q2019. The consolidated SG&A

quality acquisition, AIS Fibre maintained price competitiveness amidst the intense market discounts offered by competitors. As a result, ARPU declined to Bt618 or -2.7% QoQ. With stronger AIS’s integrated

% down from 1Q2017. The revenue from feed business continued declining due to intense competition of animal feed and aquatic feed in Thailand reflecting falling in revenue from animal feed and fish feed

remained intense both on pricing and aggressive customer acquisition. Operators continued to offer steep half-price discounts to prevent churn of customers, as well as to attract new customers. In addition

intense competition in Thailand reflecting falling in revenue from fish feed about 27.52% from lower sales volume of fish feed. However, revenue from shrimp feed rose by 18.41% from 2Q2017 mainly from